Chevron House, a commercial building located near the entrances to the Raffles Place MRT station, is reportedly available for sale. The building owner, Deka Immobilien GmbH — a unit of DekaBank Group of Germany — bought the premises in 2010 for around S$420M. The previous owner was a Goldman SachGroup-managed property fund.

A unit of Chip Eng Seng Corp and Unique Real Estate has put in the top bid for a plum site in Woodleigh Lane. Unique Real Estate is a joint venture of Heeton Holdings and KSH Holdings units.

The 99-year leasehold site launched on May 30 under the confirmed list for the first half of this year drew a top bid of $700.7 million from CEL Unique Development, which is 60 per cent owned by Chip Eng Seng Corp, and 40 per cent by Unique Real Estate.

The Government land sales site tender attracted 15 bidders. The land is next to Woodleigh MRT station, adjacent to Bidadari New Town and near amenities such as Nex shopping mall. The 19,547 sq m site has a maximum gross floor area of 58,641 sq m.

OCEAN Network Express is said to be taking up some 50,000 sq ft of office space at Marina One. The joint-venture company of Japan’s “Big Three” shipping lines, is a consolidation of the container shipping businesses of Kawasaki Kisen Kaisha (K Line), Mitsui OSK Lines (MOL) and Nippon Yusen Kabushiki Kaisha (NYK Line). It includes their worldwide terminal operation businesses, except those in Japan. Ocean Network Express is planning to use the new office spanning 1½ floors as its regional and global headquarters.

Macquarie Bank, which is now at Marina Bay Financial Centre Tower 2, is also said to be in advanced negotiations for some 50,000 sq ft of office space at Marina One.

The two new office towers at Marina One, an integrated development in downtown Marina Bay, are due to be completed soon. Developed by M+S, Marina One’s 1.88 million sq ft Grade-A office space is said to be about 70 per cent pre-leased ahead of its completion.

The first-half of 2017 saw a good volume of pre-committed space in the upcoming premium developments such as Marina One and UIC Building in the CBD.

At Guoco Tower of Tanjong Pagar Centre, which is already 90 % committed, Thai rubber group Sri Trang Agro-Industry Public Company is moving into close to 6,000 sq ft of office space on the 25th floor in early December, letting go of its existing 5,100 sq ft office at One Raffles Place where it has been operating for more than 10 years.

Grade-A CBD rents rose by 1.7 % in Q2 2017 to about S$8.51 psf pm, the first increase in nine quarters, led by a 5.8 % rise in premium office rents in Marina Bay.

The Urban Redevelopment Authority is slated to release the second-quarter real estate statistics on July 28.

Who will be buying the most expensive apartment or “bungalow in the sky” in Singapore? The asking price for a new three-storey Singapore penthouse, complete with a private pool on the 64th floor, has reached more than $100 million. This amount of money can well easily buy one a few good-class bungalows (GCBs) in District 9/10.

The Wallich Residence’s penthouse is in the tallest building in Singapore, the island of well-heeled stability that attracts the super-rich from its less-developed South-east Asian neighbours, as well as multi-millionaires from mainland China.

It will test the endurance of demand for luxury property in the city-state – the part of the market that has taken the biggest hit from measures aimed at cooling down prices in recent years.

Prices for luxury homes in Singapore have fallen 15-20 % from a 2013 peak. However the recent events has cause optimism among market insiders to foresee a turnaround – at least at the top end of the market – and is forecasting a 3-5 % increase in luxury prices this year, citing demand from both locals and foreigners who feel the market is bottoming out.

The volume of transactions in the first four months of the year in Singapore’s core central region was 35% higher than in the same period last year. The Core Central Region includes the popular areas among wealthy foreigners — the Orchard Road shopping area and Sentosa island.

Buying by foreigners has picked up since the start of the year at the developer’s high-end Leedon Residence project, near the 150-year-old Singapore Botanic Gardens. GuocoLand is part of Malaysian conglomerate Hong Leong Group, headed by billionaire Quek Leng Chan.

The recent tightening of property market controls in places like Hong Kong and Australia played a part in attracting foreign demand to Singapore’s luxury property this year. While prices in Hong Kong tripled and Sydney’s doubled over the past decade, Singapore prices rose just 29 %.

City Developments (CDL), one of the largest Singapore developers, also said the average sales price at its high-end Gramercy Park project has risen to more than $2,800 per sq ft in recent months, up 8 % from a year ago, and foreign buyers accounted for three-quarters of the project so far.

One may note though that the Singapore’s residential market has fallen for 15 straight quarters to log its longest losing streak since official records began in 1975. Analysts expect a bottoming of prices in the year 2017.

Singapore introduced property price cooling measures to curb speculation for the past 7 years. Some measures were relaxed slightly this year but the authorities announced that there would be no more rolling back of the remaining measures for now.

A highly anticipated redevelopment project in Raffles Place, touted for years, was finally unveiled over the week by the press. A 51-storey mixed-use development – slated for completion in the first half of 2021 – will be built on the site. It will comprise office space, serviced residences, a multi-storey carpark, a food centre and shops.

The redevelopment will be led by CapitaLand in a joint venture (JV) for an estimated cost of $1.82 billion. The JV partners are: CapitaLand, CapitaLand Commercial Trust (CCT) and Mitsubishi Estate Co (MEC).

Of the $1.82 billion development cost, about 52.6 %, or $957.8 million, was attributed to charges for the intensification of land use and other land-related costs.

At 280m high, it will be among the tallest buildings in the heart of the Central Business District. The other highlights of the plan include:

– 635,000 sq ft of net lettable area
– 29 floors of Grade A office space
– 299 serviced residences over eight storeys managed by CapitaLand’s The Ascott – five floors of carpark space
– 12,000 sq ft of retail space at ground level
– a shared four-storey-high “Green Oasis”, where tenants can hold meetings or other activities amid lush greenery
– a new food centre owned by the government, which will house former stallholders of Market Street Food Centre in Golden Shoe Car Park on the second and third levels of the new building’s podium. In the meantime, starting from 1 Aug, the stallholders will be at an interim centre next to Telok Ayer MRT station
– flexible offices and co-working spaces.

RB CAPITAL is considering sale of its 20-storey Park Hotel Farrer Park, after receiving unsolicited offers since the hotel began operations just about a month ago from the region – from both high net worth individuals as well as hotel developers/owners. RB Capital developed the project on a 99-year-leasehold site that it clinched at a state tender in 2012. The balance lease on the site is 94 years.

Most of the rooms in the hotel, directly connected to Farrer Park MRT Station, are about 22 sq m with some going up to 27 sq m. The hotel is part of RB Capital’s Farrer Square mixed development that received Temporary Occupation Permit in April. Another tower, 12 storeys high, that houses 42 medical suites has been mostly either sold or leased.

There is also a retail space about 3,584-sq-ft on the ground floor of the project facing the Farrer Park MRT Station entrance, partly leased to a restaurant. The retail space is also available for sale to the potential buyer of the hotel.

Past deals of similar type includes that for Grand Park Orchard in 2013, which was also available with either vacant possession or a management agreement. Its S$1.16 billion sale price included a substantial retail component; indicatively, the 308 hotel rooms were priced at S$460 million (translating to S$1.5 million per key). The seller in that transaction, Park Hotel Group, continues to manage the hotel. Grand Park Orchard is freehold and in the prime Orchard Road shopping belt.

The Westin Singapore in Asia Square in the financial district is another example that went for S$468 million or S$1.5 million per room in late 2013. The balance lease on the site at the time was about 93 years.

These two benchmarks are for the higher spectrum of five-star hotels due to their location, facilities and/or tenure, and one has to adjust for these various factors to estimate the price for this particular property.

Kishin RK, chief executive of RB Capital, said the 300-room hotel was recently valued at about S$390 million, or S$1.3 million per room. However they are not quoting a specific price but will let the market determine the true price of this upscale hotel through a global expressions of interest (EOI) exercise. JLL Hotels & Hospitality Group has been appointed the exclusive agent. Buyers will have the choice of buying the hotel with vacant possession, or with a management contract with Park Hotel Group.

Robertson Quay is having its the first large-scale launch in eight years: Martin Modern. The new condo project will comprise 450 residential units set within a botanic garden. It will offer a range of two, two plus study, three and four-bedroom apartments with sizes spanning 764 sq ft to 1,798 sq ft. Prices start from S$1.8 million.

Residents will be able to enjoy lush greenery in this development, more than 80% of the land area set aside for a beautiful botanic garden with over 200 species of plants and more than 50 species of trees and palms.

This next masterpiece by renowned Guocoland Singapore in District 9 Orchard/River Valley is slated for launch on 22 July 2017. There is a preview period prior to the official launch. Due to overwhelming response for the past 2 days, Martin Modern show suite operating hour is extended to this coming weekend 10 – 14 July (10am – 1pm)

Call +65-94772121 or email davidking.property@hotmail.com for preview and launch details.

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Posts from Katonghomes: Katong Homes

The following steps will prepare your home for a quicker sale and maybe help with the price. 1. Fix and Repair If you have been dragging your feet to make all those repairs, now is the time to fix all of those nagging things that you just lived with. Inside the house, look for things […]

Are you looking to buy a freehold condo for less than $800K? Well look no further, as I have a 999-year leasehold (as good as freehold) condo in Kovan area for sale. Totally move-in condition! As owner bought it new 3 years ago and had a beautiful renovation for the home. With balcony in a […]

Are you looking investing out of Singapore for a change? Tokyo 2020 is only a couple of years away but Japan is transforming into a hotspot for both real estate investment and capital inflows. Join us for our Japan Property Gallery on 17/18 March 2018 held at Hyatt Hotel from 1- 5 pm.

Local mid-sized developer Roxy-Pacific Holdings’ associate company RH Guillemard was acquiring two freehold residential sites at 2 and 6 Guillemard Lane for a total price of $33.5 million. The developer plans to combine the two sites with two other freehold sites at 12 and 14 Guillemard Lane for residential development. Roxy-Pacific had announced the acquisition […]

The enbloc fever in Singapore does not seems to subside but only get hotter. Not only that record prices have reached for collective sales in their respective regions, but ever more estates are hopping onto the wagon. The popular East Coast/Katong area also hit headlines recently. Notwithstanding the recent transaction in July for The Albracca, […]

Are you looking for a home in the East Coast/Marine Parade area by the sea? This is a spacious home in the East Coast/Marine Parade area. Near to well known schools (Victoria School/ VJC/CHIJ, St Patrick, etc). Mins to Airport, CBD via ECP. Walking distance to the beach, the largest park in Singapore. Serene and […]

Dear readers, thank you for your continuing support for Katonghomes. As of today we have recorded more than 23,000 visits. We hope you find the content useful. Feel free to give your feedback to us. Do also join us in our mailing list! Have a great weekend ahead!

Looking for an affordable property investment in prime Katong/East Coast area? This shop is an investment with potential for redevelopment. Basement unit with existing tenancy. Near Parkway Parade, i12 Katong Mall, East Coast Park and new MRT station. Call David for more details http://www.sgbayhomes.com/20921021

A unit of Chip Eng Seng Corp and Unique Real Estate has put in the top bid for a plum site in Woodleigh Lane. Unique Real Estate is a joint venture of Heeton Holdings and KSH Holdings units. The 99-year leasehold site launched on May 30 under the confirmed list for the first half of […]

Recent posts: Regality Singapore

David Low Chor Hoon, holder of the overall Singapore EY Entrepreneur of the Year 2016, bought a old corner bungalow in Gallop Park from a retired developer. The price was at $22.888M. Based on a land area of 17,042 sqft, the price works out to be $1,343 psf. David Low, the chairman and CE of […]

The market for good class bungalows (GCBs) is lukewarm. However sales for smaller bungalows in GCB areas are on a upward trend. Good class bungalows (GCBs) are the most prestigious segment of landed property in Singapore. On the GCB front, a caveat was lodged on June 12 for the most expensive one sold this year. […]

The family that controls Hin Leong, a oil trading group, bought a bungalow in the GCB area of Queen Astrid Park, for $46M. This is the biggest purchase of such class of properties this year so far. The 2-storey house sits on a land area of 29,709 sqft, thus translating to a sold price of […]

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